Vanquis card 'new split' charges

marc3

apologies if this has been covered elsewhere.

have a fairly new acquired vanquis card (ex bankrupt so not much choice )

My statement this month details-deferred finance charges (as well as the normal interest . )

This is apparently a new way of showing how one is using the card (interesting description !!).

Rung vanquis for an understanding of it-and its probably me-but still can't grasp it.

gave up on phone as call charges outweighed the benefit.

i appreciate the thing to do is pay off in full-but deliberately did'nt this month as i want to understand their billing a bit better.

However-this 'billed deferred finance charge ' as its described has thrown me.

Does anyone understand it and can anyone provide a simple explanation of how it is calculated.

many thanks

SnowTiger

marc3 wrote: »

My statement this month details-deferred finance charges (as well as the normal interest . )

However-this 'billed deferred finance charge ' as its described has thrown me.

Does anyone understand it and can anyone provide a simple explanation of how it is calculated.

Usually, if you don't pay your credit card balance in full you're charged interest on purchase from the day they were made.

Interest is the interest charged between your previous statement and your latest one. Presumably, deferred interest is the interest charged between the date you made your purchases and the date of your previous statement.

Vanquis didn't know you wouldn't pay the balance on your first statement in full, so didn't charge you any interest. This has now appeared as deferred interest on your latest statement.